The promotional rate to applicable tiers is guaranteed for 180 days from the day of account opening. Minimum balance to earn promotional APY is $25,000.

Minimum balance to earn interest is $0.01. Fees could reduce earnings on the account. Fed Chair Jerome Powell said during the November press conference following the central bank's announcement to continue its pause on rate hikes that he's 'not talking about rate cuts.1APY = Annual Percentage Yield. Minimum balance = the amount of principal in account each day.

When it comes to the Federal Reserve itself, it doesn't think interest rate cuts should be top of Americans' minds right now. UBS economists predicted earlier this month that the Fed will begin cutting rats in March, while Vanguard economists forecasted rate cuts in the second half of 2024. The bank did note, however, that there is 'policy uncertainty' as the presidential elections approach, and it could have implications for interest rates depending on the candidates' economic approaches.Īs Insider previously reported, the point at which experts predict interest rate cuts are coming in the US vary. Michael Gapen, the head of the bank's US Economics team, expects the first Fed rate cut to come in June and a pace of cuts around 25 basis points per quarter through the end of the year. 'We expect 2024 to be the year when central banks can successfully orchestrate a soft landing, though recognize that downside risks may outnumber the upside ones,' she said. Account icon An icon in the shape of a person's head and shoulders.

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